SCOTT TIMBER LIMITED
Company number: SC105196
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
12 April 2023
Approved by:
Tracy Trotter
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 25%
- in 61 days or more: 22%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 36%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
30 days
Standard payment terms
Under the most frequently used payment terms, the number of days to pay will be between 5 and 30 days depending upon the time of the month in which the invoice is issued
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Finance would forward any dispute received from the vendor to Purchasing where they would retrieve the signed original credit application form that was received from the vendor for completion and present to the vendor to support the terms we are paying to. Payment term queries/disputes are typically raised when a supplier is confirming/chasing payment with the accounts payable finance team, which can be by both telephone and email.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No